Renowned market expert SHIB Knight has pinpointed the ideal level to stock up on more Shiba Inu tokens in anticipation of a surge in price to $0.00006765.
Despite facing downward pressure, SHIB has recently capitalized on Bitcoin’s resurgence to reach a price peak of $0.00002945, aiming to break the $0.00003 threshold. However, strong resistance from bears has led to the current bearish state.
Following a correction, SHIB tested the $0.00002145 support on June 7. Although a swift recovery ensued, the token struggled to surpass the $0.000024 mark, resulting in a pullback to $0.000023. Breaking free from this bearish cycle remains challenging for Shiba Inu, but a breakthrough above $0.000025 could trigger a shift in momentum.
Amidst these fluctuations, SHIB Knight has highlighted a buying opportunity within the current range for Shiba Inu. While emphasizing the potential for further dips below $0.000023, he foresees a drop to the $0.00002197 support level in case of a deeper market decline. A breach below this support could lead to a drop to $0.00001859, a level not seen since April.
Despite the looming bearish outlook, SHIB Knight remains positive, suggesting that lower price levels present a favorable opportunity for accumulating more tokens.
Looking ahead, SHiba Knight has identified three immediate targets for Shiba Inu once the uptrend commences. The initial target is set at $0.00004528, reflecting the resistance faced by SHIB in the previous rally from late February to early March. The second target is positioned at $0.00005388, potentially marking a new yearly high.
The ultimate goal is to reach $0.00006765, Shiba Inu’s highest point since November 2021. Currently trading at $0.00002324, SHIB aims to break free from the bearish territory at $0.000023, with an increasing trend of accumulation that could pave the way for a recovery.
Disclaimer: This content serves as informational and should not be taken as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for financial losses.